NBC: Buying a Home Harder Than It’s Been in a Decade

[Midnight]

NBC: Buying a Home Harder Than It’s Been in a Decade, Average Home Unaffordable by Nearly $70K

Ian Hanchett

24 May 2024

1:41

On Thursday’s broadcast of “NBC Nightly News,” NBC News Business and Data Correspondent Brian Cheung stated that, according to NBC’s new homebuyer index, “it’s been harder to buy a home than any other period in the last decade.” And “the average home is almost $70,000 more than the average household can afford.”

Cheung said, “A new NBC News homebuyer index shows, across the U.S., since 2022, it’s been harder to buy a home than any other period in the last decade. The index accounts for factors like median home sale prices, which over the last year, are up 6%, mortgage rates also climbing around 7% for a 30-year fixed, but also accounts for available inventory, still tight, but getting a little better, up almost 13% nationwide. The NBC News homebuyer index grades the overall difficulty of homebuying on a scale from zero to most difficult, 100. In April, that measure was 82.4, near an all-time high. Translation, the average home is almost $70,000 more than the average household can afford.”

He added, “Experts say the housing market is unlikely to ease up for buyers any time soon. Forecasts predicting mortgage rates will likely remain close to 7% through the end of the year, leaving potential buyers waiting even longer for that dream home.”

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